Question

Explain what is referred to as the G-77 countries. In what ways can g77 be seen as the reaction to the activities of the Bretton woods twins ?

Answer 1

*THIS WILL HELP YOU*


○The Bretton Woods Twins-IMF and World Bank were dominated by former colonial powers. As a result, most developing countries did not benefit from the rapid growth that Western economies had experienced in the 1950s and 1960s. Therefore, they organized themselves as a group of 77 of the G77 for seeking new international economic order.

○ The former colonial powers exploited natural resources for developing countries through IMF and World Bank.

○Developing countries organize themselves in G-77 to gain actual control over their natural resources.

○They wanted to get more development assistance and reasonable prices for raw materials.


○ They also wanted a better opportunity for their manufactured goods in the markets of developed countries.


*IT IS HELPFUL OR NOT*

Answer 2

G-77 countries is an abbreviation for the group of 77 countries that demanded a new international economic order (NIEO); a system that would give them real control over their natural resources, without being victims of neo-colonialism, that is, a new form of colonialism in trade practised by the former colonial powers. The G-77 can be seen as a reaction to the activities of the Bretton Woods twins (the International Monetary Fund and the World Bank) because these two institutions were designed to meet the financial needs of industrial and developed countries, and did nothing for the economic growth of former colonies and developing nations.